MYOB Accounting Software Analysis

This assignment analyzes MYOB accounting software, highlighting its strengths as the leading software in Australia with robust security features. However, it also discusses limitations such as frequent updates, cost, and potential complexity for users unfamiliar with the software. The assignment concludes by recommending MYOB as a valuable tool despite these minor drawbacks.

ACCOUNTING SOFTWARE IN AUSTRALIA
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Contents
Introduction......................................................................................................................................3
History.............................................................................................................................................4
Comparison with other software......................................................................................................5
Challenges or limitations.................................................................................................................6
Recommendations............................................................................................................................7
Conclusion.......................................................................................................................................8
References........................................................................................................................................9
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Introduction
This paper introduces the most popular accounting software in Australia. Earlier all the
accounting was done on the papers than computers were introduced and finally from when the
internet has evolved there is no limit of space to store anything. The same is with the documents
related to accounting. The most important reports are accounting reports. There are updated
monthly yearly analysis is done and review is done. The market value of the company is known
through these reports only. This paper also shows how the software used in accounting started
how they developed in the market at what level it is used and a detailed study is made about
which software is the best in the market and what are the advances to make it the best. The same
limitation would be discussed with some suggestion and recommendation to improve it and
overcome its limitations. There are many software’s prevailing in the Australian accounting
market. Like MYOB, Quick Books Online, Reckon, Xero and much more. These are the top
accounting software use in Australia. Here we will study the detail of MYOB.
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History
Mind your own business stands for MYOB. MYOB is an Australian multinational company
which provides service of tax, accounting, and other services to small and medium business.
MYOB came into existence in the early 1980s by Christopher Lee. He was part of a team of
software developers in Teleware Inc. data tech an Austrian software company republished
MYOB products. The same company in 1997 did an agreement with the best software and
purchased the company. In this, the rights of the MYOB were transferred to the best software.
Later the best software name was changed to the product name as it was the best-selling product.
The company new name was MYOB limited and it was listed in Australian stock exchange in the
year 1999. Further the MYOB and U.S. company solution 6 holdings merged in the year 2004.
The company had working outside Australia and New Zealand in the year 2008 (Anon, 2005).
MYOB has seen many changes of ownership. Finally, it was in the private hands and had good
share market ratings (Ahmi and Kent, 2012). MYOB deals in subscription-based products and
also in browser-based accounting products which were released in 2010. A new product which
was its flagship product was introduced in the year 2012. The product was k own as
AccountingRight Live. This program was the only product of its kind as it was a cloud-enabled
version (Stimpson, 2007).
MYOB is at the top at the stock market which shows that it’s the best and captures the maximum
market
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Comparison with other software
There are many options of accounting software in the Australian market. For example MYOB,
Reckon, Quick Book Online, Money Works, Xero, Saasu etc. if we have to check which
software is best it’s tough to say so as every business has its own utility. Some business may
meet the inventory module but a photograph did not need an inventory module, but both are
business organizations and need accounting software (Hough, 2007). A simple comparison can
highlight among this software. The features can be compared to the software.
All the software has the feature of quoting accept for MYOB live. The invoicing feature is also
common in this software. The feature of purchase is found useful to all that’s why available in all
software. The inventory is not common for all users so MYOB live does not have this feature. To
import the bank statement in the account in software was later updated in MYOB which is found
to be an important feature (Anon, 2013). The calculation of payroll is not available in money
works express and QuickBooks Online simple start. The MYOB live does not provide the
facilities of budgeting. Thus, there are many features to compare.
The need of the organization differs there are some points on which the software can be tested.
Like invoicing, BAS report, bank feeds, receiving payment. MYOB has passed the test with all
these features (Withers and Howard, 2004). This advantage to have the MYOB is that it is
anytime, anywhere access. This was the unique point which attracted the customers. Work from
anywhere gave the employees mobility. This was a possible cause of the cloud accounting. Any
device could be used to complete the work. A study stated that-approx. 42% of customers were
the satisfied cause of the feature to access the data from anywhere and other 28% were happy
with its feature of remote working capability (Anon, 2015).
According to the CEO of MYOB, “Cloud usage can provide a serious competitive advantage.
Increasingly, businesses have terms on road, in the office and working at home. The power of the
cloud provides the freedom to work anywhere at any time, to be with your customers, partners,
and suppliers while still enjoying a connection to the Office” This feature to work anytime
anywhere gave a positive response to the organization as it strengthens the employees reducing
their stress.
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Challenges or limitations
This research highlights the limitations of the best accounting software. These limitations have
limited the working of the companies.
Old fashioned working or outdated working style- In today’s world when the work has
expanded and the no of employed is multiplied and such a facility to work at home or anywhere
is boosting the speed of business. In such a case the MYOB has the feature to calculate every
data at the end of the month. It’s not possible to collect the data as easily as it distributed at many
outlets (Anon, 2016).
Time-consuming in the collection of data- As a facility of work from anywhere anytime gave
facility to the employees but it created an issue with the companies as it’s too difficult to collect
the data when required. Everyone has their own working time and place which is a hurdle for the
company accounting (Hamilton, 2011).
Accounting for loss in business- the online update on of stocks is not possible with MYOB. In
small organizations earlier when the sticky was updated through emails or prints these
companies were more update and satisfied.
Lacking user-friendly- this is the most important lacking with MYOB. As it does not give space
to make changes according to the business, in fact, the business details have to change according
to the software. Many spreadsheets are to be made in link either MYOB to fill in the gaps of the
company accounting (Ivancevich, Ivancevich and Elikai, 2010).
Updates are frequent and costly - there are frequent updates in the software which keeps the
management business busy in monitoring and updating the changes. This involves a huge cost
and the focus deviates from sales to software updates.
Cost of the software- the MYOB maintains high security from the vulnerable to hackers, frauds,
and other threats (Curtis, 2015). This is the only software which spends 46% of the revenue on
the security. This results in the high cost of the product for its users.
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Recommendations
It is analyses that the MYOB software is the best in the industry with some limitations. On the
study of this limitation, it can be said that these are not many critical issues. The management is
working on the improvement of these limitations. Updates are made in the software to make it
user-friendly and to collect the data as and when required.
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Conclusion
The research has proved that MYOB has adopted corrections and updates in its latest versions.
Just cause of some limitations this accounting software cannot be overlooked. It’s the best in the
market with the best security than any other software. It can be said to be the best software of
accounting in Australia.
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References
Ahmi, A. & Kent, S., 2012. The utilisation of generalized audit software (GAS) by external
auditors. Managerial Auditing Journal, 28(2), pp.88–113.
Anon, 2005. Leading.(MYOB Retail Manager, accounting software)(Brief Article). New Zealand
Marketing Magazine, 24(6), p.43.
Anon, 2013. New Accounting Software Built for Today's Commercial Challenges. M2
Presswire, pp.M2 Presswire, Aug 1, 2013.
Anon, 2015. Improving the software system for accounting utilities "VisualService" and modify
the software in the operation. Mena Report, pp.Mena Report, May 28, 2015.
Anon, 2016. Australia : Andy Lark departs global role with accounting software company. Mena
Report, pp.Mena Report, Oct 31, 2016.
Curtis, V., 2015. MYOB software for dummies 8th Australian., Richmond, Victoria: John Wiley
& Sons Australia.
Hamilton, T., 2011. Back-office Carbon Accounting-Outsourcing for the Utilities Sector.
Electric Light and Power, 89(1), pp.41,43.
Hough, Vanessa, 2007. Manage your money: give your business cheques a personal touch by
adding your logo in MYOB.(MYOB Accounting Plus, accounting software). Australian PC
World, p.118.
Ivancevich, Susan, Ivancevich, Daniel & Elikai, Fara, 2010. Accounting Software Selection and
Satisfaction. The CPA Journal, 80(1), pp.66–72.
Stimpson, J., 2007. Taking Full Advantage of Accounting Software. The Practical Accountant,
40(5), pp.30–33.
Withers, Stephen & Howard, Catherine, 2004. Accounting software. Australian Personal
Computer, 24(7), p.68.
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